The Council had a first exchange of views on the proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms.

The proposal, issued by the Commission on 6 June, is aimed at providing supervisory authorities with common tools and powers to tackle bank crises pre-emptively and to resolve any financial institution in an orderly manner in the event of insolvency, whilst minimising taxpayers' exposure to losses.

The presidency's aim is for the Council to agree a general approach by December, subsequent to which negotiations with the Parliament will start, with a view to adoption of the Directive at first reading.